President’s Message | May 2024

Dear Members,

For professionals, the month, MAY presents a golden opportunity to step away from daily routine and immerse themselves in new experiences. In the face of challenges and stress associated with our profession, it is imperative to recognize the importance of taking breaks and seeking support when needed. I draw reference from the words of John Templeton,

“Successful people always squeeze all that they can into today’s schedule, knowing that tomorrow will be equally full of new deadlines and challenges”

KSCAA puts in a sincere effort in organising international travel for the benefit of our members. I extend my heartfelt appreciation to our dedicated Chairman of the Leadership & Skill Development Committee, for organising a successful and enriching trip to Malaysia. Such initiatives not only foster camaraderie among our members but also provide valuable networking opportunities and insights into global practices, which are essential in our ever-evolving profession. In today’s context, where the opportunities for Chartered Accountants are boundaryless, it is necessary to understand the foreign country’s business ethics and standards for providing Global services.

As part of this year’s theme “Recraft Yourself”, we are into the last “D” to achieve our goal.

“Deliver – Actions speak louder than words”. This principle underscores the importance of aligning words with deeds, showcasing integrity, commitment, and the ability to deliver on promises. Ultimately, it’s the actions we take that define us, inspire others, and drive meaningful change in our personal and professional endeavors. It reminds me of a global thought leader Ms.Indra Nooyi. Her journey in the corporate world exemplified the principle of action driven leadership. Her decisive action to expand her company’s portfolio beyond carbonated beverages to healthier snacks, juices etc., propelled company’s growth and competitiveness.

As professionals, we must stay updated with the latest industry trends, regulations, and accounting standards. Instead of limiting our learning to  Continuous Professional Education hours, the time has come to take action by pursuing ongoing education, attending seminars, and obtaining relevant certifications demonstrating a commitment to professional growth and competence.

A global slowdown in tech spending and uncertainty in demand has led to lot of job cuts in major IT companies during last quarter of the Financial Year.  Further, the global economic slowdown and automation have contributed to this scenario. However, the GST collection touched a record high of Rs.2.10 lakh crores since seven years of GST. Its a proud moment for Chartered Accountants for placing Karnataka as the second largest tax-collecting state.

Events at KSCAA:

  • The Direct Tax Committee organised a program on “Income Tax issues in registration and re-registration of Trust” on 26th April 2024. The program was well received by many members.
  • The Representation Committee of KSCAA is always proactive and vibrant in highlighting the professionals and taxpayers concerns to Government Authorities. Two representations were submitted during the last month.
  • The Leadership and Skill Development committee organized an International Trip to Malaysia, which was a great success, bringing together members from across India.

Upcoming Events:

  • Smart Speaker’s Forum – As a skill sharpening exercise, Leadership & Skill Development committee is organising a 10 weekend workshop to enhance communication and public speaking skills. The participants are mentored by distinguished Toastmasters and limited to 20 members.
  • KSCAA Direct Tax committee jointly with BCAS and other Associations, organises a 7 days Direct Tax refresher course.

Let me sign off with a known proverb, “ Knowledge is the only treasure that multiplies when shared”.

Thank you

Best Regards,

CA G Sujatha.